Just in: Michael Kors to buy Jimmy Choo for £896 million

The luxury footwear and accessories brand will become a wholly-owned subsidiary of Michael Kors

Weeks after it was first reported that Michael Kors, alongside two private equity houses—Hony Capital and CVC Capital Partners were in a bid to purchase the British fashion house, it was announced today that Michael Kors Holdings Ltd. has reached an agreement to acquire Jimmy Choo PLC for 230 pence per share in cash.

According to an article from Financial Times, John Idol, chairman and chief executive officer of Michael Kors said, "Jimmy Choo is known worldwide for its glamorous and fashion-forward footwear. The company is a leader in setting fashion trends. Its innovative designs and exceptional craftsmanship resonate with trendsetters globally. We believe that Jimmy Choo is poised for meaningful growth in the future and we are committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years."

Pierre Denis, the chief executive of Jimmy Choo will continue his role once the deal is completed.